Home Sales Down, New Construction Up

There's been a lot of statistics released this past week. Here's a summary of those statistics

• 151% increase in New Construction in Macomb County (according to a report released by Housing Consultants Inc)
• a 24% decline for Macomb County in existing home sales from this October compared to last (stats from Real Comp II LTD)
• The median home price fell 9.7% in Macomb County to $70,000 (stats from Real Comp II LTD)
  
  
• Michigan Foreclosure Rate 5th highest nationwide for October. About 1 in every 235 housing units in MI received a foreclosure filing. (according to Realty Trac Inc.)

So those are the stats that have been floating around this week. The decline in sales from this October compared to last.... in my humble opinion is mainly from the first time buyer tax credit from last year. Many buyers were scrambling last year to get the credit before the first original deadline.

Positive ..... the increase in new constrution definitely sounds positive!

Negative .... that MI is in the top 5 nationwide in foreclosures for October.

If you are thinking of buying or selling or have any questions on Macomb County, MI real estate, give me a call or email and I'd be happy to assist you. To start searching for homes for sale, sign up for a free Listingbook account.